Spire Global, Inc. · NYSE:SPIR
Spire Global — SPAC Merger (March 2021)
43 slides from Spire Global's SPAC merger presentation, Mar 1, 2021
Slide 1: Investor Presentation March 2021
Exhibit 99.2 INVESTOR PRESENTATION March 2021Exhibit 99.2 INVESTOR PRESENTATION March 2021
Slide 2: Disclaimer and Forward-Looking Statements
DISCLAIMER AND FORWARD–LOOKING STATEMENTS DISCLAIMER AND FORWARD LOOKING STATEMENTS This presentation contains proprietary and confidential information of Spire Global, Inc., and the entire content should be considered “Confidential Information.” This presentation is made solely for informational pu
Slide 3: Disclaimer and Forward-Looking Statements (Cont'd)
DISCLAIMER AND FORWARD–LOOKING STATEMENTS (CONT’D) DISCLAIMER AND FORWARD LOOKING STATEMENTS This presentation contains projected financial information with respect to Spire Global, namely Annual Recurring Revenue Growth, Customer Net Revenue Retention, Annual Recurring Revenue, Gross Profit and Gro
Slide 4: Presenters
PRESENTERS Peter Platzer Tom Krywe Bob Coleman Jack Pearlstein Spire Spire NavSight NavSight Chief Executive Officer Chief Financial Officer Chairman and Chief Financial Officer Chief Executive Officer 4PRESENTERS Peter Platzer Tom Krywe Bob Coleman Jack Pearlstein Spire Spire NavSight NavSight Chie
Slide 5: Spire Key Investment Highlights
SPIRE KEY INVESTMENT HIGHLIGHTS DISCLAIMER AND FORWARD LOOKING STATEMENTS High Growth SaaS Company, Powered by Proprietary, Space-based Data and Analytics Platform Massive, Rapidly Growing Total Addressable Market Recurring Revenue Model for Predictive Analytics and Data with Exceptional SaaS KPIs C
Slide 6: Transaction Summary
TRANSACTION SUMMARY DISCLAIMER AND FORWARD LOOKING STATEMENTS § Business combination between Spire Global, Inc. (the “Company” or “Spire”) and NavSight, a NYSE listed SPAC Transaction § Transaction expected to close in Q2 2021 Structure § Post closing, the Company will maintain the Spire Global name
Slide 7: Space-Based Data, Analytics and Insights Is the Next Great Frontier
SPACE-BASED DATA, ANALYTICS AND INSIGHTS IS THE NEXT GREAT FRONTIER (1) $52 billion Inspire, Lead and Create the Business of Space-based Data Space-based Data and Analytics TAM (2025E) (1) $39 billion Pioneer the Space-as-a-Service Model Orbital Services TAM (2025E) (1) $180-300 billion Help Solve S
Slide 8: How Spire Is Different – Modern SaaS Platform Enabled by Proprietary Space Technology
HOW SPIRE IS DIFFERENT – MODERN SaaS PLATFORM ENABLED BY PROPRIETARY SPACE TECHNOLOGY DISCLAIMER AND FORWARD LOOKING STATEMENTS Launch Services Telecoms Earth Observation Companies Subscription- Based Revenue Software-Driven Business Model Vertically Integrated Products and Solutions Multi-Purpose N
Slide 9: Spire at a Glance
SPIRE AT A GLANCE DISCLAIMER AND FORWARD LOOKING STATEMENTS § Spire collects spaced-based data using a proprietary 104% 145% $1.2bn (1) constellation of multi-purpose LEMUR nanosatellites YoY ARR Growth Customer NRR ARR (2020P) (2020P) (2025E) § SpireSight software analytics delivers proprietary dat
Slide 10: The Space-Based Data, Analytics and Orbital Services Markets Are Large and Rapidly Expanding
THE SPACE-BASED DATA, ANALYTICS AND ORBITAL SERVICES MARKETS ARE LARGE AND RAPIDLY EXPANDING Factors Driving Market Growth and Expansion Spire’s Addressable Market and Opportunity Long-term § Significant, growing demand for space-based data, driven by rapidly Spire’s TAM Opportunity growing adoption
Slide 11: Spire Transforms Proprietary Data into Value-Added Insights and Predictive Analytics
SPIRE TRANSFORMS PROPRIETARY DATA INTO VALUE-ADDED INSIGHTS AND PREDICTIVE ANALYTICS AI / ML / Proprietary Algorithms rd 3 Party Data Collect Once Sell Many Times LEMUR Clean Smart SpireSight Data Data API Clean and structured Clean data fused with Apply algorithms to data directly off rd 3 party da
Slide 12: Spire Monetizes Proprietary Products Across a Broad and Growing Range of Industries
SPIRE MONETIZES PROPRIETARY PRODUCTS ACROSS A BROAD AND GROWING RANGE OF INDUSTRIES MARITIME AVIATION WEATHER ORBITAL SERVICES Precise space-based data, insights Precise space-based data, insights Precise space-based data, insights Leverage Spire’s proven, low risk and predictive analytics used for
Slide 13: Spire's Proprietary Technology Stack Is Proven, at Scale, and Fully Operational
SPIRE’S PROPRIETARY TECHNOLOGY STACK IS PROVEN, AT SCALE, AND FULLY OPERATIONAL Spire LEMUR Constellation Spire Data Platform SpireSight Software Analytics Weather API TT&C / Data Links LEMUR Aviation API AUTOMATED DATA SECURE DATA SpireSight PROCESSING REPOSITORY Maritime API Dedicated FANS API VPN
Slide 14: Spire's Fully Integrated Model Drives Meaningful Competitive Advantages
SPIRE’S FULLY INTEGRATED MODEL DRIVES MEANINGFUL COMPETITIVE ADVANTAGES § 100% in-house to improve quality and rapidly increase LEMUR Nanosatellite Design capabilities & Assembly§ Drives down unit production costs § Rapid production: capable of 1 every ~2 days § Repurpose sensors and constellation o
Slide 15: Spire Is Well Positioned in the Market
SPIRE IS WELL POSITIONED IN THE MARKET Maritime Aviation Weather Orbital Services Proprietary Constellation Predictive Analytics Proprietary Ground Station Network In-house Satellite Design Satellite Design-to-Launch 3 – 6 months >12 months >12 months >12 months >12 months >12 months >12 months >12
Slide 16: Spire's Multi-Product Offering Positions It to Cross-Sell to Customers
SPIRE’S MULTI-PRODUCT OFFERING POSITIONS IT TO CROSS-SELL TO CUSTOMERS Use Case Examples Characteristics Satellite § Tracking vessels around the globe Global coverage, in remote AIS Data areas where terrestrial AIS § Optimizing fuel efficiencies and ADS-B are out of reach § Monitoring illegal activi
Slide 17: Spire Orbital Services Is Pioneering the Space-as-a-Service Model
SPIRE ORBITAL SERVICES IS PIONEERING THE “SPACE-AS-A-SERVICE” MODEL Spire is Disrupting the Satellite Value Chain with a Differentiated Customer Value Proposition Legacy Satellite Development § Space-as-a-Service offering provides fast, scalable and reliable access to space at a fraction of the cost
Slide 18: Recent Wins Demonstrate Differentiated Value Proposition
RECENT WINS DEMONSTRATE DIFFERENTIATED VALUE PROPOSITION Customers Customer Requirements Spire Solution • Improve Time Charter Equivalent and Vesselbot improved their Voyage reduce emissions according to IMO rules Optimization system by including Spire MARITIME Maritime products, achieving 10-15% in
Slide 19: Spire's Rapid Growth Rate Is Driven by Considerable Upsell
SPIRE’S RAPID GROWTH RATE IS DRIVEN BY CONSIDERABLE UPSELL Blue Chip Customer Base Best-in-Class SaaS Metrics Average ARR per Product Customer Growth ($ in thousands) Australian Office of $258 11% CAGR National Intelligence 104% $235 ARR Growth $208 (2020P) 2019A 2020P 2021E NASA 145%+ Avg. ACV Book
Slide 20: Spire Has a Multi-Pronged Growth Strategy
SPIRE HAS A MULTI-PRONGED GROWTH STRATEGY Accelerate Market Capture with Investment in Sales, Marketing and Product Development § Hire Additional Sales Personnel, Increase External Marketing and Drive Product Development for Further Upsell Expand Into New Geographies and Verticals § Establish Presen
Slide 21: Expanding Spire's Proprietary Data Sets Will Help Drive Better Insights
EXPANDING SPIRE’S PROPRIETARY DATA SETS WILL HELP DRIVE BETTER INSIGHTS, COMPETITIVE ADVANTAGE AND ADDITIONAL REVENUE OPPORTUNITIES Current Future Automation Identification System (AIS) RF Signal Soil Moisture Ionosphere Microwave EO / SAR Spectrum Geolocation Sounding Data Fusion Monitoring Signifi
Slide 22: Exceptional Management Team with Deep Domain Expertise
EXCEPTIONAL MANAGEMENT TEAM WITH DEEP DOMAIN EXPERTISE Peter Platzer Tom Krywe Theresa Condor Jeron Cappaert John Lusk CEO CFO EVP/GM, CTO VP, Data Business Orbital Services and EI >20 years Average experience >5 years Joel Spark Keith Johnson Johnny Truong Ananda Martin Average with Spire VP, Space
Slide 23: Financial Overview
FINANCIAL OVERVIEWFINANCIAL OVERVIEW
Slide 24: Spire Key Financial Highlights
SPIRE KEY FINANCIAL HIGHLIGHTS Recurring Revenue Model with Exceptional SaaS KPIs Land and Expand Strategy Drives Revenue Visibility and NRR (~145% in 2020P) Strong Growth in ARR Drives Top Line Momentum (1) Highly Scalable Model with 90%+ Gross Margins and 80%+ FCF Conversion by 2025E Clear Path to
Slide 25: Recurring Revenue Model with Exceptional SaaS KPIs
RECURRING REVENUE MODEL WITH EXCEPTIONAL SaaS KPIs 89% 21 month 2020P 145% 97% 6.6 month 16.4x $235K ARR to ACV Avg. Contract NRR GRR CAC Payback CLTV / CAC ARR / Customer Metrics (1) Bookings Length (2) Free Cash Flow and FCF Conversion % Non-GAAP Gross Profit and Gross Margin % Annual Recurring Re
Slide 26: Spire's ARR Growth Compares Favorably with Best-in-Class SaaS Companies
SPIRE’S ARR GROWTH COMPARES FAVORABLY WITH BEST-IN-CLASS SaaS COMPANIES (1) Annual Recurring Revenue Evolution Years from $1 million to $100 million ARR ($ in millions) ($ in millions) $100 $70 $80 $60 $36 $36 $30 $30 $27 $27 $40 $21 $21 $18 $18 $14 $14 $13 $13 $12 $12 $20 $8 $8 $5 $5 $4 $4 $3 $3 $1
Slide 27: Spire's Business Model Is Capital Efficient with Significant Operating Leverage
SPIRE’S BUSINESS MODEL IS CAPITAL EFFICIENT WITH SIGNIFICANT OPERATING LEVERAGE (1) (2) Spire Core Business Capital Efficiency Spire’s Incremental Gross Margin ($ in millions) 180% 94% 94% 159% $892 90% 151% 160% 82% 140% 69% 120% 100% $451 80% 60% $223 34% 40% $102 20% $54 3% 3% $13 5% $7 $24 10% 1
Slide 28: Spire Non-GAAP Financial Summary
SPIRE NON-GAAP FINANCIAL SUMMARY ($ in millions) FY 12/31 2018A 2019A 2020P 2021E 2022E 2023E 2024E 2025E ASP for ARR (in thousands) $262 $208 $235 $258 $310 $332 $370 $396 Total GAAP Revenue $6 $18 $28 $54 $114 $227 $478 $913 % growth 203% 54% 89% 112% 99% 111% 91% Gross Profit ($9) $4 $18 $35 $84
Slide 29: Transaction & Valuation Overview
TRANSACTION & VALUATION OVERVIEW TRANSACTION & VALUATION OVERVIEW
Slide 30: Transaction Overview
TRANSACTION OVERVIEW DISCLAIMER AND FORWARD LOOKING STATEMENTS Transaction Structure Illustrative Pro Forma Capitalization § NavSight Holdings (NYSE: NSH) is a publicly listed special purpose acquisition Amount company with $230 million cash held in trust PF Shares Outstanding 163.7 Share Price $10
Slide 31: Defining the Peer Group for Spire
DEFINING THE PEER GROUP FOR SPIRE § Leading vertical focused SaaS players § Solutions created for specific industries, or unique data sets Vertical SaaS for many industries § Clear path to profitability and strong operating leverage § Key beneficiaries of digital transformation with large market Hig
Slide 32: Operational Benchmarking – Vertical SaaS and High Growth Data / Analytics
OPERATIONAL BENCHMARKING – VERTICAL SaaS AND HIGH GROWTH DATA / ANALYTICS Vertical SaaS High Growth Data and Predictive Analytics ’21E -’22E Peer average: 22% Peer average: 30% ’20P -25E 112% Peer median: 18% Peer median: 27% 100% Revenue 65% Growth 37% (CY’21E – CY’22E) 33% 27% 27% 27% 24% 21% 20%
Slide 33: Operational Benchmarking – Emerging Space Technologies
OPERATIONAL BENCHMARKING – EMERGING SPACE TECHNOLOGIES DISCLAIMER AND FORWARD LOOKING STATEMENTS 2019A 2020P 2021E ($ in millions) $54 $28 $20 $19 $18 Revenue $4 $4 $2 NM NM NM NM NM NM $1 Gross profit margin % 20% 47% NM NA NA 63% NM NM NA NA 66% NM 8% NM NA $35 Non-GAAP Gross Profit $18 $4 $2 $2 N
Slide 34: Peer Group Valuation Benchmarking
PEER GROUP VALUATION BENCHMARKING Vertical SaaS High Growth Data and Predictive Analytics Emerging Space 68.8x 88.7x Peer average: 23.9x Peer average: 25.2x Peer average: 60.1x Peer median: 24.3x Peer median: 24.4x Peer median: 68.8x 50.9x 68.8x 35.8x EV / Revenue 31.9x 30.6x 30.3x (CY’22E) 25.3x 24
Slide 35: Transaction Priced at a Deep Discount to Peer Multiples
TRANSACTION PRICED AT A DEEP DISCOUNT TO PEER MULTIPLES Transaction Value Peer Valuation Summary of Approach ($ in millions) $4,313 § Applies a range of multiples to Spire’s 2022E and 2023E management forecasted revenue to arrive at an implied enterprise value § The applied range of multiples is cen
Slide 36: Appendix
APPENDIXAPPENDIX
Slide 37: Glossary / Definitions
GLOSSARY / DEFINITIONS Annual Contract Value: Amount of estimated revenue to be ACV FCF Conversion FCF / Adj. EBITDA delivered in the first 12 months of customer contract New customer total contract value bookings / contract length Average Contract Length GHG Greenhouse Gases (dollar weighted) Gross
Slide 38: Reconciliation of Non-GAAP Financials
RECONCILIATION OF NON-GAAP FINANCIALS Gross Profit Reconciliation EBITDA Reconciliation FY 12/31 2018A 2019A 2020P FY 12/31 2018A 2019A 2020P Revenue $6 $18 $28 Net Income (Loss) from Continuing Operations ($37) ($32) ($32) (-) COGS (15) (15) (11) (+) Depreciation & Amortization 11 13 5 Gross Profit
Slide 39: Spire's Proprietary LEMUR Nanosatellite
SPIRE’S PROPRIETARY LEMUR (“LOW EARTH MULTI-USE-RECEIVER”) NANOSATELLITE Standard, Mature Nanosatellite Bus Used to Host Multiple Sensors Illustrative Size Comparison of a LEMUR • LEMUR is a standard, mature nanosatellite bus, which is used to host all of Spire's data products • Multiple sensors are
Slide 40: Spire Maritime
SPIRE MARITIME Superior Global Vessel Tracking Capabilities Predict AI-Routing Historical positions API With ETA allows for more precise Access to an archive of past positions route calculations, optimal port for thousands of vessels management and refined forecasting Enhanced Vessel Data 35 special
Slide 41: Spire Aviation
SPIRE AVIATION Terrestrial Only Coverage Global Coverage with Satellite ADS-B Global Coverage Multiple APIs Allow Quick Easy Integration with 100M+ ADS-B Position (1) including Remote Areas and Easy Data Queries Weather Data Updates Delivered Daily (1) As of February 2021 41SPIRE AVIATION Terrestria
Slide 42: Spire Weather
SPIRE WEATHER Enhancing Weather Forecasts with Spire’s Unique Technology § Spire Weather uses our growing constellation Radio Occultation of LEMUR Satellites to create a unique global- As these signals pass through the observation network atmosphere, they are refracted § By continuously collecting a
Slide 43: Spire Orbital Services
SPIRE ORBITAL SERVICES Cloud based Flexible operations & data Accommodation processing Customer- specific APIs Your footprint in Space Fast Start Exponential Data On-board AI & Productivity high power computing Fast Turnaround Space-as-a-Service Scalability Build your application on top of our global